Cytos Slashes Programs, Jobs To Keep Allergy Candidate Alive

Cytos Biotechnology Ltd. is taking drastic measures to keep the company afloat ahead of the looming maturity of its convertible bond in February 2012. Although its product, CYT003-QbG10, has shown positive results in three Phase II trials for allergic asthma and allergic rhinitis, the company has been unable to fund its earlier stage programs, and may face a financing gap of more than $21.5 million even after it slashes its staff and programs.